Chinese company to spend $2 billion in Morocco solar projects

A state-controlled Chinese firm, intends to invest more than USD 2 billion (MAD 17 billion) in solar power projects in Morocco over a period of five years.

Chinese company to spend $2 billion in Morocco solar projects

The investments, which engage a number of solar power generation projects across Morocco, are part of a USD 16.5 billion commitment by the Chinese company in seven Arab countries.

There are plans to build five power solar stations, with a joint generation capacity of 3.5 GW, in several parts of the nation as part of a plan to cut energy imports.

Even though the firm which is registered on the stock exchanges in Hong Kong and Shanghai did not divulge more information regarding the projects, it averred they correspond with strategies between the two nations to ink the agreements on renewable energy and exploration for oil, gas and minerals in Morocco.

The mentioned projects will turn Morocco into one of the most significant clean energy producers in 2020.

It was also stated that local sources and the Chinese company as saying that the latter has previously acquired funding for the projects from China Development Bank.